CO-OPERATIVE BANK NAME

Early day motion 690, tabled 6 November 2013 by Roger Godsiff (Labour). Signed by 4 members.

That this House notes that assorted hedge funds now own 70 per cent of the Co-operative Bank; deeply regrets the lack of oversight and executive competence which has led to the current situation; expresses sympathy for the loyal staff who are going to be made redundant through no fault of their own; views with disgust the executives who presided over the ill-judged and disastrous merger with Britannia Building Society but still left with very large pay-offs and pension pots; believes that now that the Co-operative Bank is no longer a mutual organisation owned by its members, but instead owned by vulture funds and hedge funds, it can no longer be called a 'co-operative'; and calls on the city regulator and the Secretary of State for Business, Innovation and Skills to force the bank to change its name because its description is misleading.

Signatures by party: Labour 3, Liberal Democrat 1.